You're chasing the wind my friend, look up currency overlay.
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Thank you, but I really don't care about currency overlay.. I'm more focus on things that will help me extract money out of the market at a high level.. Everything else is a distraction..
Took one trade today that resulted in a 2:1 profit.. I made $21 on the trade so I guess that's a start... I have been sick all week, so it has been hard for me to do anything.. I will be at this again on Monday.. Everyone have a great weekend!
I might be wrong, but I think the reason you decided to change strategy/system was because the old system suddenly was not working anymore? You see, every system works and every system has its up and down time. Knowing the time/seasons your system works and when it doesn't work is the first step to discovering trading success
{quote} Yea money management played a big part, also learning how to read market behavior (context) was another major reason.. I traded one market at the time (oil), but this time I will trade multiple markets..
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Just out of curiosity: How do you trade oil with such a small account with proper MM? I cannot trade micro and mini lots on oil at my broker for example.
I might be wrong, but I think the reason you decided to change strategy/system was because the old system suddenly was not working anymore? You see, every system works and every system has its up and down time. Knowing the time/seasons your system works and when it doesn't work is the first step to discovering trading success
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No that wasn't the reason.. Like I said before I only had one breakeven week and I got mad and nervous..
{quote} Just out of curiosity: How do you trade oil with such a small account with proper MM? I cannot trade micro and mini lots on oil at my broker for example.
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I was trading Gold not Oil.. But yea I believe I can trade oil too..
Took my first live trade today with my $300 account.. The trade was a breakeven trade and after that I didn't trade anymore... The market was really crazy today, too much going on, and my setup's wasn't the cleanest... So I decided not to force anything today.. I'm going take off tomorrow and trade on Friday.. {image}
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I would not take any short period timeframe trades as a new forex trader. You should focus on reading basic charts on the H1 to the Daily.
Direction is more important than speed. Alot of people go nowhere real fast
Before FOMC news, I really couldn't get things going.. So after my first trade, I decided to wait after the news to trade.. Two trades today, one loser one winner.. -11pips, +40 pips..
Took my first live trade today with my $300 account.. The trade was a breakeven trade and after that I didn't trade anymore... The market was really crazy today, too much going on, and my setup's wasn't the cleanest... So I decided not to force anything today.. I'm going take off tomorrow and trade on Friday.. {image}
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Hi Focusonmoney:
It is usually not a good idea to trade inside a triangle formation, there are a lot of almost random moves in that area, especially on the 5min time frame.
The best way to trade triangles is to wait for a clean breakout and then ride the trend. To put all the odds in your favor, make sure that the direction of the breakout is also the direction of the main trend on a higher time frame.
Now to answer your question, making 625% a year consistently is impossible. You could achieve that kind of return a year or two, but sooner or later the law of large numbers will catch up with you.
{quote} Hi Focusonmoney: It is usually not a good idea to trade inside a triangle formation, there are a lot of almost random moves in that area, especially on the 5min time frame. The best way to trade triangles is to wait for a clean breakout and then ride the trend. To put all the odds in your favor, make sure that the direction of the breakout is also the direction of the main trend on a higher time frame. Now to answer your question, making 625% a year consistently is impossible. You could achieve that kind of return a year or two, but sooner...
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what about head and shoulder? what is the best way to trade them? is it entry at the left shoulder or at the break of the neckline?
